Waste clearance tycoon Ian Malouf is suing the organisers of the Monaco Yacht Show for allegedly barring him from the industry’s biggest networking event.
Yacht broker Malouf – who made his fortune through his industrial waste firm Dial A Dump – paid around £45,000 for a berth for his £22million super-yacht Mischief at the 2018 show in September.
The organisers confirmed his booking but then cancelled it ‘abruptly’ and ‘without good cause’, Malouf claims. He is seeking damages after filing a lawsuit in Monaco.
At a preliminary hearing last month, his lawyers accused the organisers of excluding him because he is a threat to the ‘cosy bunch’ of superyacht brokers. His online broker, called The Ahoy Club, undercuts traditional brokers by charging 4 per cent commission instead of 20 per cent.
The ban is a blow for Australian Malouf because he hoped to find a buyer for Mischief at the event, said to be ‘the ultimate showcase for industry influencers’.
Around 120 superyachts will be on display, with a quarter for sale. Spokesmen for the organisers declined to comment ahead of a second hearing later this month.